1. Technical Field
This invention relates generally to an on-line financial lending system for post offer borrower query. Specifically, the invention relates to querying a prospective borrower following their non-acceptance of an on-line, electronic loan offer.
2. Background Art
It is difficult for people to make financial decisions. Creating a monthly budget, saving for retirement, or choosing whether to purchase a new or used car are just some examples of tough financial decisions people face each day.
Some financial decisions are harder to make than others. Taking out a loan is one such decision. The lending process can be a difficult road to navigate, and if not done properly, can even cause future financial problems. It is therefore necessary to make educated decisions when thinking about a loan. Before applying for a loan, many important factors must be carefully analyzed. Some factors include how and when the loan be paid back. Additionally, one must consider how much interest will be paid towards the loan. These are only a few of the issues prospective borrowers may need to consider before borrowing money.
Given that borrowing is such a difficult decision, lending companies often assist borrowers in gathering information. One way this is done is through personal contact. In the past, prospective borrowers had to physically travel to banks or other lending companies to apply for and receive loans. At these financial institutions, lending associates would engage the prospective borrower on a one-on-one basis. Associates could further provide individually tailored loans to each prospective borrower.
More recently, lenders have worked to make the lending process more convenient. One method of doing so is by providing access to loan applications over the Internet. Prospective borrowers may access a lending company's website, fill out and submit a loan application on-line, and receive funds soon thereafter. Electronic loan applications have enabled lending companies to reach a larger and more diverse group of potential borrowers. There are, however, problems associated with this new lending process.
One problem associated with loan applications offered on-line is that personal interaction with the lender is generally not involved. Another problem area in on-line lending is the lack of individual personalization of loan terms. A prospective borrower, when applying for a loan on-line, may not be able to find payment terms to their liking.
There is therefore a need for a method and system for providing lending companies with a solution for limitations and problems caused on-line loan lending practices.
Skilled artisans will appreciate that elements in the figures are illustrated for simplicity and clarity and have not necessarily been drawn to scale. For example, the dimensions of some of the elements in the figures may be exaggerated relative to other elements to help to improve understanding of embodiments of the present invention.